Mahabir Pun has stated that increased investment in innovation can play a significant role in strengthening Nepal’s economy.

Responding to lawmakers during discussions on the Appropriation Bill, Minister Pun suggested that federal, provincial, and local governments allocate one percent of their capital expenditure budgets to science, technology, and innovation development.

He explained that innovation involves creating a supportive environment and providing resources for individuals with creative and innovative ideas. According to him, Nepal has traditionally focused on research without effectively translating findings into practical applications.

The minister emphasized that innovation is essential for industrialization, economic growth, and job creation. He believes that allocating one percent of the capital budget is a reasonable starting point for advancing innovation initiatives.

Pun also revealed that the ministry is preparing several laws and regulations related to science, technology, research, and innovation, including legislation on scientific data, research and development, biotechnology, biosafety, and metrology.

He stressed that cooperation among government agencies, private sector stakeholders, industries, and researchers is necessary to build a strong innovation ecosystem. According to him, innovation can help create employment opportunities for young people within Nepal while supporting long-term economic growth.